HowWhat Does it All Mean to Be Successful in Life?

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Interim Report

January–June 2015

April–June 2015

• Net sales of SEK 36,115 million (36,575)

• Underlying operating profit

1

of SEK 2,966 million (4,086)

• Operating profit

of SEK -38,045 million (-1,637). Operating profit was negatively affected by SEK 36.3 billion in

impairment losses and SEK 3.9 billion in higher provisions

• Profit for the period after tax of SEK -28,812 million (-2,323). Profit for the period was charged with

SEK 30.0 billion in items affecting comparability, net after tax

• Electricity generation of 39.7 TWh (39.7)

January–June 2015

• Net sales of SEK 81,492 million (82,486)

• Underlying operating profit

1

of SEK 10,703 million (13,163)

• Operating profit

of SEK -29,658 million (10,197). Operating profit was negatively affected by SEK 36.4 billion in

impairment losses and SEK 3.9 billion in higher provisions

• Profit for the period after tax of SEK -23,825 million (5,882). Profit for the period was charged with

SEK 29.5 billion in items affecting comparability, net after tax

• Electricity generation of 86.1 TWh (89.8)

1) Underlying operating profit is defined as operating profit excluding items affecting comparability. For a specification of items affecting comparability, see page 8.

Vattenfall discloses the information provided in this interim report pursuant to the Swedish Securities Market Act.

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CEO’s comments

“Wholesale electricity prices continued to fall during the second quarter. The low electricity prices are having an

ever-greater impact on Vattenfall’s earnings, as our forward contracts entered into in previous years at higher

prices are gradually expiring. Vattenfall reports an underlying operating profit of SEK 10.7 billion for the first half of

2015, which is SEK 2.5 billion lower than the corresponding period in 2014. The main reason is lower electricity

prices achieved. However, operating cash flow increased by SEK 0.7 billion, to SEK 16.5 billion, and net debt

decreased.

The electricity market in Europe is undergoing a dramatic change. Demand, which fell in the wake of the economic

crisis in 2009, has still not recovered at the same time that capacity from both solar and wind power, with low

marginal costs, has been added to the system. The result is very low electricity prices that are putting pressure on

margins for conventional generation from gas, coal, hydro and nuclear power facilities. As a result of this,

Vattenfall’s board of directors has decided to recognise impairment losses for our assets. Weak profitability along

with the subsequent closure of Ringhals 1 and 2 entail an impairment loss of SEK 17 billion. The lignite operations

are also being affected by low prices and higher business risk, which together represent impairment losses of

SEK 15 billion. Naturally, this is a very negative development which unfortunately reflects the world we live in.

Together with impairment of the Moorburg plant and higher provisions, the reported operating profit for the second

quarter was charged with a total of SEK 40.2 billion.

As a result of lower availability at nuclear power plants, our total electricity generation for the first half of the year

decreased by 3.7 TWh to 86.1 TWh. At the same time, wind power showed a 30% increase, by 0.6 TWh to

2.7 TWh, attributable to the new wind farms DanTysk in Germany and Clashindarroch in the UK.

With the aim to reduce CO

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emissions in Germany, the German government has presented a proposal to transfer

lignite-fired power plants corresponding to a capacity of 2.7 GW to a capacity reserve. The owners of the power

plants will receive financial compensation for keeping the plants in standby mode. This proposal replaces a

previous proposal to introduce a climate levy on emissions from older coal-fired plants. Which plants will be

affected and the details of the proposal are not yet known, but we believe that this solution has the potential to

lower CO

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emissions while at the same time ensuring security of supply in the future. It also creates greater clarity

about the conditions for our work on finding a new owner for our lignite assets in Germany.

Starting with this report we are reporting earnings broken down into Vattenfall’s new operating segments:

Customers & Solutions, Power Generation, Wind, Heat, and Distribution, which replace the previous regional

reporting structure.

Vattenfall’s strategic transformation, with greater customer focus and more renewable power generation,

continues. The business area organisation that we have now implemented provides favourable conditions to

accelerate the pace of this transformation, but of course we must also continue working hard to reduce our costs.

The personnel reduction programme announced during the preceding quarter is under way, but has been delayed

somewhat due to reorganisation. Activities to identify additional cost reductions are in progress in the entire

organisation.”

Magnus Hall

President and CEO

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Key data

Full year Last

Amounts in SEK million unless indicated otherwise Q2 2015 Q2 2014 Q1-Q2 2015 Q1-Q2 2014 2014 12 months

Net sales 36 115 36 575 81 492 82 486 165 945 164 951

Operating profit before depreciation, amortisation and impairment

losses (EBITDA) 2 852 3 890 16 371 20 480 41 038 36 929

Operating profit (EBIT) -38 045 -1 637 -29 658 10 197 -2 195 -42 050

Underlying operating profit 2 966 4 086 10 703 13 163 24 133 21 673

Profit for the period -28 812 -2 323 -23 825 5 882 -8 284 -37 991

Funds from operations (FFO) 4 154 3 854 13 950 14 647 32 131 31 434

Net debt 72 839 85 872 72 839 85 872 79 473

Adjusted net debt 149 080 156 124 149 080 156 124 158 291

Return on capital employed, % - 14.6 1 6.4 1 - 14.6 1 6.4 1 - 0.7

Net debt/equity, % 67.3 60.3 67.3 60.3 61.9

FFO/adjusted net debt, % 21.1 1 17.9 1 21.1 1 17.9 1 20.3

Adjusted net debt/EBITDA, times 4.0 1 4.0 1 4.0 1 4.0 1 3.9

Electricity generation, TWh 39.7 39.7 86.1 89.8 172.9 169.2

- of which, hydro power 9.6 9.1 19.4 19.7 34.3 34.0

- of which, nuclear power 9.9 10.7 21.9 25.5 49.8 46.2

- of which, fossil-based power2 18.8 19.0 41.6 41.9 82.7 82.4

- of which, wind power 1.2 0.7 2.7 2.1 4.1 4.7

- of which, biomass, waste2

0.2 0.2 0.5 0.6 2.0 1.9

Sales of electricity, TWh 45.9 46.6 99.3 103.1 199.0 195.2

Sales of heat, TWh 4.1 4.7 13.2 13.8 24.1 23.5

Sales of gas, TWh 8.4 7.0 30.2 25.4 45.5 50.3

Number of employees, full-time equivalents 28 977 30 544 28 977 30 544 30 181

CO2 emissions, Mtonnes 20.3 18.7 40.8 40.8 82.3

1) Last 12-month values.

2) The figures in 2015 are preliminary.

Hydro power 24% Nuclear power 25% Fossil-based power 47% Wind power 3% Biomass waste 1% Electricity generation, Q2 2015 % Hydro power 23% Nuclear power 27% Fossil-based power 47% Wind power 2% Biomass waste 1% Electricity generation, Q2 2014 % Hydro power 22% Nuclear power 26% Fossil-based power 48% Wind power 3% Biomass waste 1% Electricity generation, Q1-2 2015 % Hydro power 21% Nuclear power 28% Fossil-based power 47% Wind power 3% Biomass waste 1% Electricity generation, Q1-2 2014 %

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Targets and target achievement

Vattenfall’s assignment is to generate a market rate of return by operating an energy business in such a way that the company is

among the leaders in developing environmentally sustainable energy production.

Vattenfall’s owner and board of directors have set four financial targets for the Group, and the Board has set three sustainability

targets.

Financial targets

The financial targets relate to profitability, capital structure and the dividend policy, and were set by the owner in November 2012.

These targets are intended to ensure that Vattenfall creates value and generates a market rate of return, that the capital

structure is efficient, and that financial risk is kept at a reasonable level. The targets are to be evaluated over a business cycle.

Full year

30 June 2015 30 June 2014 2014

Return on capital employed: Target of 9% -14.6 1 6.4 1 -0.7

FFO/adjusted net debt: Target of 22%-30% 21.1 1 17.9 1 20.3

Net debt/equity: Target of 50%-90% 67.3 60.3 61.9

Dividend policy: Dividend should amount to 40%-60%

of the year's profit after tax — — —

1) Last 12-month values.

Comments: The return on capital employed fell mainly as a result of impairment of asset values and higher provisions for

nuclear power and mining operations in Germany. Excluding the impairment losses and other items affecting comparability, the

return on capital employed was 7.5%. FFO/adjusted net debt improved compared with 2014, but is still below the target interval.

The debt/equity ratio decreased compared with 2014 on account of the impairment losses, but is within the target interval. Due to

the negative result after tax for 2014, no dividend was paid for the year.

Sustainability targets

Vattenfall’s three sustainability targets are in the same areas as the EU’s 20–20–20 targets. The first target, which was set in

2010, entails reducing the Group’s CO

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exposure to 65 million tonnes by 2020 for Vattenfall’s production portfolio. The second

target is for Vattenfall to grow faster than the market in renewable capacity by 2020 and contribute to a more sustainable energy

system. The third sustainability target, to improve energy efficiency, has been set as a short-term goal for 2015 to reduce annual

consumption of primary energy

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, through internal and external measures, by a total of 440 GWh in 2015. Read more about

Vattenfall’s sustainability work in Vattenfall’s 2014 Annual and sustainability report.

Jan-June Jan-June Full year

2015 2014 2014

CO2 exposure: Target 65 Mtonnes by 2020, Mtonnes 40.8 40.8 82.3

Average rate of growth in installed renewable capacity:

Target higher growth rate than for ten reference countries2, % 13.0 8.5 6.3

Energy efficiency: Target 440 GWh in 2015, GWh 313 — 435

1) Primary energy is the form of energy that is accessible directly from the original energy sources. Vattenfall uses the interpretation applied by Eurostat and IEA. 2) Growth rate for the reference countries in 2014: 9.1% (preliminary).

Comments: During the first half of 2015, installed renewable capacity increased by a combined total of 325 MW (the wind farms

DanTysk in Germany and Clashindarroch in the UK). The rate of energy efficiency improvement was higher than planned during

the first half of 2015 and consisted mainly of measures such as turbine and generator replacements and expansion of district

heating networks in Berlin and Hamburg.

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Important events Q2 2015

New organisation

Effective 1 April earnings are reported broken down into Vattenfall’s new operating segments: Customers & Solutions, Power

Generation, Wind, Heat, and Distribution, which replace the previous regional reporting structure.

Impairment losses and increased provisions

As a result of the further worsening of market conditions and higher business risks, the value of certain of Vattenfall’s production

assets has deteriorated. Vattenfall has therefore decided to recognise SEK 36.3 billion in impairment of asset values during the

second quarter of 2015. Profit was charged with SEK 26.8 billion, net after tax. Cash flow was not affected by the impairment

losses. Provisions for nuclear power and mining operations in Germany have been increased due to new calculations of future

costs.

The impairment losses and higher provisions are broken down as follows:

• SEK 17.0 billion pertains to impairment of the total book value of the Ringhals 1 and 2 nuclear reactors. The impairment is

warranted by poor profitability resulting from low electricity prices and higher costs, which has given Vattenfall reason to

prematurely decommission the reactors ahead of schedule (see further information below).

• SEK 15.2 billion pertains to lignite assets in Germany. The impairment is warranted by poorer production margins (clean

lignite spreads) and higher business risk.

• SEK 4.0 billion pertains to the Moorburg power plant in Hamburg. The impairment is warranted mainly by poorer production

margins (clean dark spreads).

• SEK 1.3 billion pertains to higher provisions for the decommissioning of nuclear power in Germany as a result of an updated

calculation of future costs.

• SEK 2.6 billion pertains to higher provisions for the mining operations in Germany, mainly associated with an updated plan

for land restoration.

A reversal of SEK 0.5 billion was made of a previous impairment loss pertaining to the Nordjylland Power Station in Denmark, as

the sales sum has now been determined. For further information, see page 6. This means that the net effect of the impairment

losses on operating profit is SEK -35.8 billion. For further information on the impairment losses and the higher provisions, see

page 8 and Note 4, pages 35-36.

Changed direction for operational lifetime of Ringhals 1 and 2

In April Vattenfall announced that the company has changed the direction of the planned operational lifetime of the Ringhals 1

and 2 nuclear reactors. The change entails that the reactors may be closed down between the years 2018 and 2020 instead of

around 2025, as previously announced. The reason is poor profitability owing to low electricity prices and higher costs. A closure

decision must be made by the Ringhals board of directors and requires unanimity between the owners, Vattenfall (70.4%) and

E.ON (29.6%).

Inauguration of new wind farms

In April the DanTysk offshore wind farm in Germany (288 MW), west of Sylt Island in the North Sea, was inaugurated. The site

comprises 80 wind turbines and can generate electricity equivalent to the annual consumption of more than 400,000 households.

DanTysk is Vattenfall’s and Stadwerke München’s (SWM) first joint project, in which Vattenfall owns 51% and SWM 49%.

In June the Clashindarroch onshore wind farm (36.9 MW) was inaugurated in northeast Scotland. The wind farm can generate

electricity equivalent to the annual consumption of 27,000 households.

Extension of Kentish Flats wind farm

In May, extension was begun of the Kentish Flats offshore wind farm off the Kent coast in the UK. The wind farm is being

extended with an additional 15 wind turbines (50 MW) to a combined total of 45 turbines (150 MW). Once the new wind turbines

are all operational in early 2016, Kentish Flats will have the capacity to generate electricity equivalent to the annual consumption

of 75,000 households. The investment sum for the extension is approximately SEK 2 billion.

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Project for wireless charging of electric cars

In May a pilot project was started for large-scale wireless charging of electric cars. In 2015, wireless charging through induction

technology will be installed in a total of 20 electric cars located in Gothenburg, Stockholm, and at Vattenfall. The cars will be

used, demonstrated and evaluated for a period of about a year. The project is being run within the scope of the WiCh research

project, in which Vattenfall and its partners are the first in Europe to test wireless charging of electric cars.

Sale of combined heat and power plant in Denmark

In June Vattenfall signed an agreement on the sale of the Nordjylland Power Station to the Danish district heating company

Aalborg Forsyning. The enterprise value is approximately DKK 823 million, corresponding to approximately SEK 1 billion. The

sales sum consists of DKK 725 million in cash consideration (corresponding to approximately SEK 900 million), plus takeover of

decommissioning obligations and environmental liabilities. The deal is expected to be completed on 31 December 2015 and is

subject to approval from relevant authorities.

Vattenfall redeems hybrid bonds

On 29 June Vattenfall redeemed all outstanding hybrid bonds originally issued on 29 June 2005. The redeemed bonds were

replaced by new hybrid bonds issued on 19 March 2015.

Stress test regarding provisions for future decommissioning of nuclear power plants in Germany

The German government has initiated a stress test of the nuclear power plant operators’ provisions for their obligations for future

decommissioning of nuclear power plants in Germany. Based on the findings of this stress test, the German government will take

a position regarding the extent to which legislation governing nuclear power plant decommissioning needs to be changed.

Events after the balance sheet date

Final payment for shares in N.V. Nuon Energy

On 1 July 2015 Vattenfall paid the outstanding balance of EUR 2,071.3 million on the remaining 21% of the shares in

N.V. Nuon Energy, corresponding to approximately SEK 19 billion. However, Vattenfall has consolidated N.V. Nuon Energy to

100% since 1 July 2009.

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Sales, profit and cash flow

Net sales

Full year Last

Amounts in SEK million Q2 2015 Q2 2014 Q1-Q2 2015 Q1-Q2 2014 2014 12 months

Net sales 36 115 36 575 81 492 82 486 165 945 164 951

Comment Q2: Consolidated net sales decreased by SEK 0.5 billion compared with the corresponding period in 2014, mainly

owing to lower average prices achieved. Currency effects on consolidated net sales were positive by approximately SEK 0.6

billion.

Comment Q1-Q2: Consolidated net sales decreased by SEK 1.0 billion compared with the corresponding period in 2014, mainly

owing to lower average prices achieved and lower volumes. Currency effects on consolidated net sales were positive by

approximately SEK 2.2 billion.

Earnings

Full year Last

Amounts in SEK million Q2 2015 Q2 2014 Q1-Q2 2015 Q1-Q2 2014 2014 12 months Operating profit before depreciation, amortisation and

impairment losses (EBITDA) 2 852 3 890 16 371 20 480 41 038 36 929

Underlying operating profit before depreciation, amortisation

and impairment losses 8 056 8 943 20 815 22 773 43 558 41 600

Operating profit (EBIT) -38 045 - 1 637 - 29 658 10 197 - 2 195 - 42 050

Items affecting comparability -41 011 - 5 723 - 40 361 - 2 966 - 26 328 - 63 723

Comment Q2: The underlying operating profit decreased by SEK 1.1 million, which is explained by the following:

• Lower production margins as a result of average lower prices achieved (SEK -1.7 billion)

• Higher production volumes, attributable to hydro power and wind power (SEK 0.4 billion)

• Higher earnings contribution from gas sourcing (SEK 0.6 billion)

• Higher operating costs (SEK -0.3 billion)

• Higher depreciation, mainly associated with the commissioning of the DanTysk and Clashindarroch wind farms

(SEK -0.2 billion)

• Other items, net (SEK 0.1 billion)

Comment Q1-Q2: The underlying operating profit decreased by SEK 2.5 million, which is explained by the following:

• Lower production margins as a result of average lower prices achieved (SEK -2.0 billion)

• Lower production volumes (SEK -0.3 billion)

• Higher earnings from sales activities (SEK 0.6 billion)

• Higher earnings contribution from gas sourcing (SEK 0.6 billion)

• Higher operating costs (SEK -0.6 billion)

• Higher depreciation, mainly associated with the commissioning of the DanTysk and Clashindarroch wind farms

(SEK -0.5 billion)

• Other items, net (SEK -0.3 billion)

0 50 000 100 000 150 000 200 000 250 000 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 2010 2011 2012 2013 2014 2015 Net sales SEK million

Per quarter Last 12-month values

0 10 000 20 000 30 000 40 000 50 000 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 2010 2011 2012 2013 2014 2015

Underlying operating profit

SEK million

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Items affecting comparability

Full year Last

Items affecting comparability affecting operating profit (EBIT)

Capital gains 231 96 310 3 130 3 227 407

Capital losses - 362 - 21 - 376 - 18 - 185 - 543

Impairment losses - 36 298 - 670 - 36 408 - 673 - 23 808 - 59 543

Reversed impairment losses 491 — 491 — — 491

Provisions - 3 878 - 5 516 - 3 878 - 5 518 - 5 688 - 4 048

Unrealised changes in the fair value of energy derivatives 169 582 912 681 819 1 050 Unrealised changes in the fair value of inventories - 7 61 - 43 - 211 72 240

Restructuring costs - 905 - 255 - 917 - 357 - 765 - 1 325

Other items affecting comparability - 452 — - 452 — — - 452

Total - 41 011 - 5 723 - 40 361 - 2 966 - 26 328 - 63 723

Comment Q2: Items affecting comparability amounted to SEK -41.0 billion (-5.7). Impairment of asset values amounted to

SEK -36.3 billion (for further information, see Note 4 on pages 35-36). Provisions pertain to higher provisions for nuclear power

and mining operations in Germany (SEK -1.3 billion and SEK -2.6 billion, respectively). The item “Other items affecting

comparability” pertains to an adverse ruling for Vattenfall in a dispute with Dong Energy (SEK -0.5 billion). Reversed impairment

losses pertain to the sale of the Nordjylland Power Station (SEK 0.5 billion). Other items affecting comparability pertain to

restructuring costs (SEK -0.9 billion), unrealised changes in the market value of energy derivatives and inventories

(SEK 0.2 billion), and net capital gains/losses (SEK -0.1 billion). Items affecting comparability for the corresponding quarter in

2014 consist mainly of higher provisions for the decommissioning of nuclear power plants in Germany (SEK -5.5 billion).

Comment Q1-Q2: Items affecting comparability amounted to SEK -40.4 billion (-3.0). Items affecting comparability for the

corresponding period in 2014 included capital gains of slightly more than SEK 3.1 billion on the sale of Vattenfall’s electricity grid

operation in Hamburg. Other items affecting comparability for 2014 consisted mainly of higher provisions for the

decommissioning of nuclear power in Germany.

Profit for the period

Full year Last

Profit for the period - 28 812 - 2 323 - 23 825 5 882 - 8 284 - 37 991

Comment Q2: Profit for the period amounted to SEK -28.8 billion (-2.3). Impairment losses, higher provisions and other items

affecting comparability totalling SEK 30.0 billion had a negative impact on profit.

Comment Q1-Q2: Profit for the period amounted to SEK -23.8 billion (5.9). Impairment losses, higher provisions and other items

affecting comparability totalling SEK 29.5 billion had a negative impact on profit.

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Financial items

Full year Last

Net financial items - 1 401 - 1 421 - 2 945 - 3 123 - 6 045 - 5 867

- of which, interest income 295 119 350 463 772 659

- of which, interest expenses - 1 194 - 853 - 1 873 - 2 034 - 3 832 - 3 671 - of which, return from the Swedish Nuclear Waste Fund 551 394 766 517 962 1 211 - of which, interest components related to pension costs - 234 - 310 - 469 - 615 - 1 240 - 1 094 - of which, discounting effects attributable to provisions - 867 - 883 - 1 742 - 1 752 - 3 491 - 3 481

- of which, other 48 112 23 298 784 509

Interest received1 214 183 463 336 537 664

Interest paid1

- 1 487 - 1 618 - 3 145 - 2 904 - 3 074 - 3 315

1) Pertains to cash flows.

Comment: Net financial items were essentially at the same level as in 2014. The higher interest income for the second quarter is

mainly attributable to the dissolution of a provision in Germany. The higher interest expense is mainly attributable to an

accumulated interest expense (SEK 338 million) associated with an adverse ruling for Vattenfall in a dispute with Dong Energy.

Cash flow

Full year Last

Funds from operations (FFO) 4 154 3 854 13 950 14 647 32 131 31 434

Cash flow from changes in operating assets and

operating liabilities (working capital) 5 563 4 479 2 522 1 174 8 015 9 363

Cash flow from operating activities 9 717 8 333 16 472 15 821 40 146 40 797

Comment Q2: Funds from operations (FFO) increased by SEK 0.3 billion compared with the corresponding quarter in 2014,

mainly as a result of an interest rate swap that was terminated early, resulting in a positive cash flow.

Cash flow from changes in working capital increased to SEK 5.6 billion. This is mainly attributable to a net change in operating

receivables and operating liabilities (SEK 5.3 billion), a change in inventories (SEK -1.3 billion), and a change in margin calls and

realised equity hedge items (together totalling SEK 1.6 billion).

Comment Q1-Q2: Funds from operations (FFO) decreased by SEK 0.6 billion. The decrease is mainly attributable to lower

production margins and production volumes, and higher operating costs. Lower paid tax had a positive impact.

Cash flow from changes in working capital increased to SEK 2.5 billion. This is mainly attributable to a net change in operating

receivables and operating liabilities (SEK -0.8 billion), a change in inventories (SEK 0.7 billion), and a change in margin calls and

realised equity hedge items (together totalling SEK 2.6 billion).

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Financial position

Amounts in SEK million 30 June 2015 31 Dec. 2014 Change, %

Cash and cash equivalents, and short-term investments 54 012 45 068 19.8

Committed credit facilities (unutilised) 18 430 18 786 —

Comment: Cash and cash equivalents, and short-term investments increased by SEK 8.9 billion compared with the level at

31 December 2014. This is mainly attributable to a net increase in hybrid bonds (see below). On 1 July, after the balance sheet

date, Vattenfall made the last scheduled payment of slightly more than SEK 19 billion for the remaining 21% of the shares in

N.V. Nuon Energy.

Committed credit facilities consist of a EUR 2.0 billion Revolving Credit Facility that expires on 10 December 2019, with an option

for two one-year extensions. As per 30 June 2015, available liquid assets and/or committed credit facilities amounted to 40% of

net sales. Vattenfall’s target is to maintain a level of no less than 10% of the Group’s net sales, but at least the equivalent of the

next 90 days’ maturities.

Amounts in SEK million 30 June 2015 31 Dec. 2014 Change, %

Interest-bearing liabilities 128 162 125 928 1.8

Net debt 72 839 79 473 -8.3

Adjusted net debt (see page 22) 149 080 158 291 -5.8

Average interest rate, %1 3.3 3.6 —

Duration, years1 3.2 2.8 —

Average time to maturity, years1

6.7 5.6 —

1) Including Hybrid Capital and loans from owners with non-controlling interests and associated companies.

Comment: Total interest-bearing liabilities increased by SEK 2.2 billion compared with the level at 31 December 2014. This is

mainly attributable to a net increase in hybrid bonds. In March 2015 Vattenfall issued new hybrid bonds for a combined sum of

SEK 15.2 billion, which exceeded the redeemed amount of older hybrid bonds issued in 2005 by approximately SEK 9.2 billion.

Net debt decreased by SEK 6.6 billion compared with the level at 31 December 2014, mainly owing to a positive cash flow after

investments.

Adjusted net debt decreased by SEK 9.2 billion compared with the level at 31 December 2014. The decrease is mainly

attributable to the lower level of net debt and to the newly issued hybrid bonds, which are classified as equity to 50% and thereby

reduce the level of adjusted net debt. For a calculation of adjusted net debt, read more on page 22.

Credit ratings

No changes took place in Vattenfall’s credit ratings during the quarter. The current credit ratings for Vattenfall’s long-term

borrowing are A– (Standard & Poor’s) and A3 (Moody’s). Vattenfall’s rating outlook is “stable” from both Standard & Poor’s and

Moody’s.

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Investments and divestments

Full year Last

Maintenance investments 3 499 4 003 6 249 6 805 16 912 16 356

Growth investments 3 227 2 041 6 034 4 493 12 120 13 661

- of which, shares and shareholder contributions - 150 - 50 - 157 - 135 - 212 - 234

Total investments 6 726 6 044 12 283 11 298 29 032 30 017

Divestments 1 479 269 2 232 9 391 12 054 4 895

- of which, shares 47 174 226 8 295 8 875 806

Comment: Investments are specified in the table below. The increase in growth investments is attributable to wind power.

Divestments during the period January–June 2015 pertain mainly to combined heat and power assets in Utrecht in the

Netherlands and to the Fyn combined heat and power station in Denmark. Divestments during the corresponding period in 2014

pertain mainly to the electricity grid operation in Hamburg, the minority shareholding in Enea S.A., the Amager combined heat

and power station in Denmark, and to Kalix Värmeverk AB.

Specification of investments

Full year Last

Electricity generation Hydro power 391 270 1 584 468 1 442 1 1 558 Nuclear power 1 043 1 193 1 1 832 2 094 1 3 924 1 3 662 Coal power 828 1 217 1 1 256 1 810 1 5 304 1 4 750 Gas 18 136 30 158 188 60 Wind power 2 134 1 475 1 4 091 2 662 1 6 526 7 955 Biomass, waste 6 2 6 4 14 16 Other — 50 1 143 109 1 476 1 510

Total electricity generation 4 420 4 343 7 942 7 305 17 874 18 511

CHP/heat Fossil-based power 362 296 658 704 2 110 2 064 Biomass, waste 10 69 31 100 297 228 Other 245 291 381 433 1 312 1 260 Total CHP/heat 617 656 1 070 1 237 3 719 3 552 Electricity networks Electricity networks 964 1 200 1 812 1 962 5 057 4 907

Total Electricity networks 964 1 200 1 812 1 962 5 057 4 907

Purchases of shares, shareholder contributions - 150 2 - 50 - 157 - 135 - 137 - 159

Other, excl. purchases of shares 875 - 105 1 616 929 2 519 3 206

Total 6 726 6 044 12 283 11 298 29 032 30 017

1) Certain amounts for 2014 have been recalculated compared with previously published information in Vattenfall's 2014 year-end report and Annual and sustainability report as a result of the fact that prepayments have been allocated to the respective classification of assets instead of being classified as Other. 2) Pertains to shareholder contribution in a joint venture company.

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Wholesale price trend

Spot prices – electricity

Average Nordic spot prices were 19% lower during the second quarter of 2015 than in the second quarter of 2014, mainly owing

to high precipitation. In Germany, average spot prices were 9% lower than in the second quarter of 2014, mainly as a result of

lower commodity prices and higher wind power generation. In the Netherlands, average spot prices were 1% higher than in the

second quarter of 2014 as a result of higher exports to Belgium. Compared with the first half of 2014, average spot prices were

13% lower in the Nordic countries and 7% lower in Germany. In the Netherlands, average spot prices were 1% higher.

Time period Nord Pool Spot EPEX APX EUR/MWh (Nordic countries) (Germany) (Netherlands)

Q2 2015 20.8 28.3 39.1 Q2 2014 25.6 31.2 38.6 % -19.0% -9.4% 1.2% Q1 2015 28.2 32.3 43.1 % -26.3% -12.4% -9.2% Q1-2 2015 24.4 30.2 41.1 Q1-2 2014 27.9 32.4 40.8 % -12.6% -6.6% 0.7%

Electricity spot prices in the Nordic countries, Germany

and the Netherlands, monthly averages

Futures prices – electricity

Electricity futures prices were 5%–10% lower in the Nordic countries than in the second quarter of 2014. In Germany and the

Netherlands, electricity futures prices were 3%–5% lower. This is mainly attributable to continued expectations for lower

commodity prices. Compared with the first half of 2014, electricity futures prices were 4%–9% lower.

Time period Nordic countries Germany Netherlands

(NPX) (EEX) (ICE) EUR/MWh 2016 2017 2016 2017 2016 2017 Q2 2015 26.9 27.2 31.7 31.6 38.6 37.4 Q2 2014 29.7 28.6 33.5 32.6 40.3 39.5 % -9.5% -4.7% -5.2% -3.1% -4.2% -5.4% Q1 2015 28.5 28.0 32.3 31.6 39.3 39.1 % -5.5% -2.8% -1.7% 0.2% -1.8% -4.4% Q1-2 2015 27.7 27.6 32.0 31.6 39.0 38.3 Q1-2 2014 30.5 29.5 34.5 34.0 40.8 40.4 % -9.3% -6.2% -7.2% -7.0% -4.4% -5.3%

Electricity futures prices in the Nordic countries,

Germany and the Netherlands

Commodity prices

Oil prices (Brent crude) were an average of 42% lower during

the second quarter of 2015 than in the corresponding period in

2014, mainly owing to a large build-up of reserves in the USA

and continued high production in Saudi Arabia. The stronger

US dollar and lower demand primarily from China and India

resulted in coal prices being an average 29% lower than in the

corresponding period in 2014. Gas prices were 11% lower.

Prices of CO

2

emission allowances were 38% higher.

Compared with the first half of 2014, oil prices (Brent crude)

were 45% lower, coal prices were 28% lower, and gas prices

were 14% lower. Prices of CO

2

emission allowances were

28% higher.

Price trend for oil, coal, gas and CO2 emission allowances

10 20 30 40 50 60 2013 2014 2015

EPEX APX NordPool

EUR/MWh 20 25 30 35 40 45 50 55 60 2013 2014 2015

EEX 2016 EEX 2017 ICE 2016

ICE 2017 NPX 2016 NPX 2017 EUR/MWh 0 5 10 15 20 25 30 35 40 40 50 60 70 80 90 100 110 120 2013 2014 2015

Coal (USD/t), API2, Front Year Oil (USD/bbl), Brent Front Month Emission allowances CO2 (EUR/t), Dec 09-12 Gas (EUR/MWh), NBP, Front Year

(13)

Vattenfall’s price hedging

Vattenfall continuously hedges its future electricity generation through sales in the forward and futures markets. Spot prices

therefore have only a limited impact on Vattenfall’s earnings in the near term.

The chart shows the share of planned electricity generation that Vattenfall has hedged in the Nordic countries and Continental

Europe (Germany and the Netherlands). Compared with the level on 31 March 2015, the hedge ratio percentage increased

slightly. The price hedges (in EUR/MWh) are unchanged.

Average price hedges as per 30 June 2015

EUR/MWh 2015 2016 2017

Nordic countries 37 34 32

Continental Europe 45 39 36

Vattenfall’s hedge ratio (%) as per 30 June 2015

72% 78% _70% 100% 93% 66% 0% 20% 40% 60% 80% 100% 120% 2015 2016 2017

(14)

Operating segments

Customers & Solutions

Full year Last

Net sales 18 898 19 234 45 638 44 423 87 277 88 492

External net sales1 18 502 18 798 44 819 43 544 85 606 86 881

Underlying operating profit before depreciation, amortisation

and impairment losses 680 402 1 615 874 1 821 2 562

Underlying operating profit 449 181 1 177 442 962 1 697

Sales of electricity, TWh 28.8 28.1 62.7 61.1 118.4 120.0

- of which, private customers 6.5 5.8 14.9 13.8 26.1 27.2

- of which, resellers 5.7 6.8 15.1 14.9 29.2 29.4

- of which, business customers 16.6 15.5 32.7 32.4 63.1 63.4

Sales of gas, TWh 8.4 7.0 30.2 25.4 45.5 50.3

1) Excluding intra-Group transactions

The Customers & Solutions Business Area is responsible for sales of electricity, gas and energy services in all of Vattenfall’s

markets.

• Net sales increased mainly owing to a larger number of retail customers in Germany and positive price effects.

• The underlying operating profit improved as a result of a higher gross margin associated with a larger number of customers

in Germany, positive price effects, and slightly lower operating costs.

• Sales of electricity increased slightly during the period as a result of a larger number of customers.

• Sales of gas increased, mainly due to unusually warm weather in the preceding year.

Power Generation

Full year Last

Net sales 22 411 27 014 54 227 61 777 122 720 115 170

External net sales1

12 325 14 044 25 039 29 800 61 874 57 113 Underlying operating profit before depreciation, amortisation

and impairment losses 4 214 5 767 10 539 13 867 25 284 21 956

Electricity generation, TWh 32.3 33.1 68.1 73.5 140.0 134.6

- of which, hydro power 9.6 9.1 19.4 19.7 34.3 34.0

- of which, nuclear power 9.9 10.7 21.9 25.5 49.8 46.2

- of which, fossil-based power 12.8 13.3 26.8 28.3 55.9 54.4

Sales of heat, TWh 0.3 0.5 1.1 1.6 2.7 2.2

1) Excluding intra-Group transactions.

Power Generation comprises the Generation and Markets Business Areas, and the Mining & Generation unit. The segment

includes Vattenfall’s hydro and nuclear power operations, optimisation and trading operations, and lignite operations.

• Average lower prices achieved and lower production volumes led to lower net sales for the period.

• The underlying operating profit decreased, mainly owing to lower production margins resulting from average lower prices

achieved and lower production volumes.

(15)

• Hydro power generation increased during the second quarter as a result of high precipitation. Nordic reservoir levels were

58% (60%) of capacity at the end of the second quarter of 2015, which is 3 percentage points below the normal level.

However, slightly lower water supply at the start of the year resulted in lower hydro power generation during the first half of

the year.

• Nuclear power generation decreased mainly on account of an extended outage at Ringhals 2. Combined availability of

Vattenfall’s nuclear power plants during the second quarter of 2015 was 63.8% (70.8%). The corresponding figure for the

first half of the year was 71.5% (84.6%).

• During the second quarter, Forsmark had availability of 81.6% (77.7%) and production of 5.9 TWh (5.5). Ringhals had

availability of 47.9% (64.6%) and production of 4.0 TWh (5.1). During the first half of the year Forsmark had availability of

86.5% (88.7%) and production of 12.3 TWh (12,6), and Ringhals had availability of 58.1% (80.9%) and production of

9.6 TWh (12.9).

• Coal- and gas-fired production decreased, mainly due to higher production of renewable energy in the market.

Wind

Full year Last

Net sales 1 379 977 3 225 2 192 5 227 6 260

External net sales1 846 699 2 082 1 353 3 531 4 260

Underlying operating profit before depreciation, amortisation and

impairment losses 905 623 2 244 1 524 3 772 4 492

Underlying operating profit 152 131 754 558 1 704 1 900

Electricity generation - wind power TWh 1.2 0.7 2.7 2.1 4.1 4.7

Number of employees, full-time equivalents 529 507 529 507 505

1) Excluding intra-Group transactions

The Wind Business Area is responsible for Vattenfall’s wind power operations.

• Net sales increased, and the underlying operating profit improved as a result of higher electricity generation and higher

revenue, which is mainly attributable to the commissioning of the new DanTysk offshore wind farm in Germany and the new

Clashindarroch onshore wind farm in the UK.

Heat

Full year Last

Net sales 5 817 5 770 14 472 14 516 27 812 27 768

impairment losses 1 060 913 3 752 3 474 5 986 6 264

Underlying operating profit 108 - 5 1 880 1 652 2 384 2 612

Electricity generation - TWh2

6.2 5.9 15.3 14.2 28.8 29.9

- of which, fossil-based power 6.0 5.7 14.8 13.6 26.8 28.0

- of which, biomass, waste 0.2 0.2 0.5 0.6 2.0 1.9

Sales of heat, TWh 3.8 4.2 12.1 12.2 21.4 21.3

1) Excluding intra-Group transactions. 2) Figures for 2015 are preliminary.

The Heat Business Area comprises Vattenfall’s heat operations, including all thermal operations (except lignite).

• The underlying operating profit improved, mainly owing to slightly lower decommissioning costs associated with the sale of

the Fyn combined heat and power station in Denmark.

• Electricity generation increased. Sales of heat decreased during the second quarter, but were essentially unchanged for the

first half of the year.

(16)

Distribution

Full year Last

Net sales 4 685 4 234 9 743 9 179 18 782 19 346

impairment losses 1 803 1 401 3 965 3 630 7 412 7 747

Underlying operating profit 1 125 663 2 620 2 171 4 435 4 884

1) Excluding intra-Group transactions.

The Distribution Business Area comprises Vattenfall’s electricity distribution operations in Sweden and Germany (Berlin).

• Net sales increased as a result of higher prices and revenue from the service business in Hamburg.

• An improved gross margin as a result of higher prices and higher revenue led to an improved underlying operating profit.

• The level of investment in the electricity grid remains high, towards the goal of raising quality and being able to handle new

customers.

• In June, the Swedish Energy Markets Inspectorate issued instructions about revenue frameworks for the Swedish

distribution operations for the years 2016–2019. Vattenfall Eldistribution AB has appealed the decision.

Other

1

Full year Last

Net sales 1 376 1 358 2 633 2 704 5 803 5 732

External net sales2 82 52 104 148 290 246

impairment losses - 555 - 170 - 1 110 - 450 - 704 - 1 364

Underlying operating profit - 699 - 235 - 1 394 - 566 - 978 - 1 806

1) Other pertains mainly to all Staff functions including Treasury activities and Shared Service Centres. 2) Excluding intra-Group transactions.

(17)

Consolidated income statement

Full year Last

Net sales 36 115 36 575 81 492 82 486 165 945 164 951

Cost of products sold1 - 68 228 - 32 059 - 101 269 - 64 963 - 149 395 - 185 701

Gross profit - 32 113 4 516 - 19 777 17 523 16 550 - 20 750

—

Selling expenses, administrative expenses and research and development costs2

- 5 524 - 5 148 - 9 914 - 9 415 - 20 220 - 20 719 Other operating income and expenses, net - 307 - 494 - 29 2 469 1 913 - 585 Participations in the results of associated companies3 - 101 - 511 62 - 380 - 438 4

Operating profit (EBIT)4

- 38 045 - 1 637 - 29 658 10 197 - 2 195 - 42 050

—

Financial income5,8

1 009 623 1 423 1 315 2 590 2 698

Financial expenses6,7,8 - 2 410 - 2 044 - 4 368 - 4 438 - 8 635 - 8 565

Profit before tax - 39 446 - 3 058 - 32 603 7 074 - 8 240 - 47 917

—

Income tax expense 10 634 735 8 778 - 1 192 - 44 9 926

Profit for the period - 28 812 - 2 323 - 23 825 5 882 - 8 284 - 37 991

Attributable to owner of the Parent Company - 24 996 - 1 830 - 20 317 6 281 - 8 178 - 34 776 Attributable to non-controlling interests - 3 816 - 493 - 3 508 - 399 - 106 - 3 215

Earnings per share

Number of shares in Vattenfall AB, thousands 131 700 131 700 131 700 131 700 131 700 131 700 Earnings per share, basic and diluted (SEK) -189.79 -13.90 -154.27 47.69 -62.10 -264.05

Supplementary information

Operating profit before depreciation, amortisation and

impairment losses (EBITDA) 2 852 3 890 16 371 20 480 41 038 36 929

Financial items, net excl. discounting effects attributable to

provisions and return from the Swedish Nuclear Waste Fund - 1 085 - 932 - 1 969 - 1 888 - 3 516 - 3 597

1) Of which, depreciation, amortisation and impairment losses - 40 505 - 5 409 - 45 508 - 10 044 - 42 398 - 77 862 2) Of which, depreciation, amortisation and impairment losses - 351 - 117 - 480 - 239 - 679 - 920

3) Of which, impairment losses - 41 — - 41 — - 155 - 196

4) Including items affecting comparability - 41 011 - 5 723 - 40 361 - 2 966 - 26 328 - 63 723 5) Including return from the Swedish Nuclear Waste Fund 551 394 766 517 962 1 211 6) Including interest components related to pension costs - 234 - 310 - 469 - 615 - 1 240 - 1 094 7) Including discounting effects attributable to provisions - 867 - 883 - 1 742 - 1 752 - 3 491 - 3 481

8) Items affecting comparability recognised as financial

income and expenses, net _{- 3} ₂ _{- 3} _{- 13} _{- 52} _{- 42}

(18)

Consolidated statement of comprehensive income

Full year Last

Profit for the period - 28 812 - 2 323 - 23 825 5 882 - 8 284 - 37 991

Other comprehensive income

Items that will be reclassified to profit or loss when specific

conditions are met

Cash flow hedges - changes in fair value of 2 099 877 3 617 4 504 5 243 4 356 Cash flow hedges - dissolved against income statement - 1 680 - 3 000 - 2 851 - 5 209 - 5 871 - 3 513 Cash flow hedges - transferred to cost

of hedged item 10 - 5 24 5 - 3 16

Hedging of net investments in foreign operations 775 - 2 388 1 154 - 3 302 - 5 452 - 996 Translation differences and exchange rate effects net, divested

companies — — — — 101 101

Remeasurement of available-for-sale financial assets — — — - 182 - 182 —

Translation differences - 710 4 631 - 1 004 6 732 10 453 2 717

Income tax relating to items that will be reclassified - 249 991 - 289 2 825 3 242 128

Total Items that will be reclassified to profit or loss when

specific conditions are met 245 1 106 651 5 373 7 531 2 809

Items that will not be reclassified to profit or loss

Remeasurement pertaining to defined benefit obligations 2 599 - 3 391 2 599 - 3 391 - 9 130 - 3 140 Income tax relating to items that will not be reclassified - 702 951 - 702 951 2 587 934

Total Items that will not be reclassified to profit or loss 1 897 - 2 440 1 897 - 2 440 - 6 543 - 2 206

Total other comprehensive income, net after tax 2 142 - 1 334 2 548 2 933 988 603

Total comprehensive income for the period - 26 670 - 3 657 - 21 277 8 815 - 7 296 - 37 388

Attributable to owner of the Parent Company - 22 721 - 3 317 - 17 614 9 004 - 7 412 - 34 030 Attributable to non-controlling interests - 3 949 - 340 - 3 663 - 189 116 - 3 358

(19)

Operating segments, Vattenfall Group

Full year Last Amounts in SEK million Q2 2015 _{Q2 2014} _{Q1-Q2 2015} _{Q1-Q2 2014} ₂₀₁₄ _{12 months}

External net sales

Customers & Solutions 18 502 18 798 44 819 43 544 85 606 86 881

Power Generation 12 325 14 044 25 039 29 800 61 874 57 113

Wind 846 699 2 082 1 353 3 531 4 260

Heat 3 167 3 201 8 331 8 304 15 536 15 563

Distribution 3 631 3 163 7 486 6 859 14 173 14 800

- of which, Distribution Germany 1 530 1 141 2 756 2 260 5 149 5 645

- of which, Distribution Sweden 2 101 2 022 4 730 4 599 9 024 9 155

Other1 82 52 104 148 290 246

Eliminations2 - 2 438 - 3 382 - 6 369 - 7 522 - 15 065 - 13 912

Total 36 115 36 575 81 492 82 486 165 945 164 951

Internal net sales

Customers & Solutions 396 436 819 879 1 671 1 611

Wind 533 278 1 143 839 1 696 2 000

Heat 2 650 2 569 6 141 6 212 12 276 12 205

Distribution 1 054 1 071 2 257 2 320 4 609 4 546

- of which, Distribution Germany 940 941 2 023 2 052 4 060 4 031

- of which, Distribution Sweden 113 130 234 267 549 516

Other1

1 294 1 306 2 529 2 556 5 513 5 486

Eliminations - 16 013 - 18 630 - 42 077 - 44 783 - 86 611 - 83 905

Total — — — — — —

Total net sales

Customers & Solutions 18 898 19 234 45 638 44 423 87 277 88 492

Wind 1 379 977 3 225 2 192 5 227 6 260

Heat 5 817 5 770 14 472 14 516 27 812 27 768

Distribution 4 685 4 234 9 743 9 179 18 782 19 346

- of which, Distribution Germany 2 470 2 082 4 779 4 312 9 209 9 676

Other1 1 376 1 358 2 633 2 704 5 803 5 732 Eliminations - 18 451 - 22 012 - 48 446 - 52 305 - 101 676 - 91 557 Total 36 115 36 575 81 492 82 486 165 945 164 951

(20)

Operating segments, Vattenfall Group cont.

Full year Last

Amounts in SEK million Q2 2015 _{Q2 2014} _{Q1-Q2 2015} _{Q1-Q2 2014} ₂₀₁₄ _{12 months}

Operating profit before depreciation,

amortisation and impairment losses (EBITDA)

Customers & Solutions 144 279 1 056 721 1 422 1 757

Power Generation 20 921 7 043 8 831 20 588 18 800

Wind 906 621 2 258 1 522 3 817 4 553

Heat 1 054 943 3 828 3 517 5 931 6 242

Distribution 1 793 1 385 3 942 3 607 7 283 7 618

- of which, Distribution Germany 636 289 1 202 888 2 008 2 322

Other1

- 1 014 - 259 - 1 565 2 436 2 059 - 1 942

Eliminations - 51 — - 191 - 154 - 62 - 99

Total 2 852 3 890 16 371 20 480 41 038 36 929

Underlying operating profit before depreciation,

amortisation and impairment losses

Customers & Solutions 680 402 1 615 874 1 821 2 562

Wind 905 623 2 244 1 524 3 772 4 492

Heat 1 060 913 3 752 3 474 5 986 6 264

Distribution 1 803 1 401 3 965 3 630 7 412 7 747

- of which, Distribution Germany 645 305 1 222 913 2 137 2 446

Other1 - 555 - 170 - 1 110 - 450 - 704 - 1 364

Eliminations - 51 7 - 190 - 146 - 13 - 57

Total 8 056 8 943 20 815 22 773 43 558 41 600

Operating profit (EBIT)

Customers & Solutions - 87 58 618 288 274 604

Power Generation - 34 559 - 1 515 - 29 891 3 998 898 - 32 991

Wind 111 129 727 557 - 946 - 776

Heat - 3 908 24 - 2 161 1 695 - 6 841 - 10 697

Distribution 1 115 647 2 597 2 147 4 306 4 756

- of which, Distribution Germany 437 97 807 508 1 231 1 530

- of which, Distribution Sweden 678 550 1 790 1 639 3 075 3 226

Other1 - 667 - 980 - 1 359 1 664 178 - 2 845

Eliminations - 50 — - 189 - 152 - 64 - 101

Operating profit (EBIT) - 38 045 - 1 637 - 29 658 10 197 - 2 195 - 42 050

Financial income and expenses - 1 401 - 1 421 - 2 945 - 3 123 - 6 045 - 5 867

Profit before tax - 39 446 - 3 058 - 32 603 7 074 - 8 240 - 47 917

Underlying operating profit

Customers & Solutions 449 181 1 177 442 962 1 697

Wind 152 131 754 558 1 704 1 900

Heat 108 - 5 1 880 1 652 2 384 2 612

Distribution 1 125 663 2 620 2 171 4 435 4 884

- of which, Distribution Germany 447 113 826 534 1 361 1 653

- of which, Distribution Sweden 678 550 1 794 1 637 3 074 3 231

Other1

- 699 - 235 - 1 394 - 566 - 978 - 1 806

Eliminations - 51 7 - 190 - 147 - 13 - 56

Underlying operating profit 2 966 4 086 10 703 13 163 24 133 21 673

1) “Other” pertains mainly to all Staff functions including Treasury activities and Shared Service Centres. 2) For external net sales, the elimination pertains to sales to the Nordic electricity exchange.

(21)

Consolidated balance sheet

30 June 30 June 31 Dec.

Amounts in SEK million 2015 2014 2014

Assets

Non-current assets

Intangible assets: non-current 18 628 31 922 19 586

Property, plant and equipment 237 746 270 371 271 306

Investment property 434 482 461

Biological assets 29 21 29

Participations in associated companies and joint arrangements 7 770 8 056 7 765

Other shares and participations 295 286 284

Share in the Swedish Nuclear Waste Fund 33 248 31 362 31 984

Derivative assets 15 604 16 014 18 366

Current tax assets, non-current 453 666 449

Prepaid expenses 108 117 115

Deferred tax assets 17 290 9 341 9 310

Other non-current receivables 8 266 7 023 8 407

Total non-current assets 339 871 375 661 368 062

Current assets

Inventories 16 149 19 002 18 502

Biological assets 15 8 11

Intangible assets: current 908 1 532 4 885

Trade receivables and other receivables 27 395 29 182 31 217

Advance payments paid 1 410 2 800 2 617

Derivative assets 10 957 17 456 13 342

Prepaid expenses and accrued income 7 740 6 700 1 6 398 1

Current tax assets 2 194 884 2 390

Short-term investments 34 006 19 884 32 785

Cash and cash equivalents 20 006 10 263 12 283

Assets held for sale 2 898 4 564 4 717

Total current assets 123 678 112 275 129 147

Total assets 463 549 487 936 497 209

Equity and liabilities

Equity

Attributable to owner of the Parent Company 97 646 131 567 115 260

Attributable to non-controlling interests 10 657 10 820 13 202

Total equity 108 303 142 387 128 462

Non-current liabilities

Hybrid Capital 15 192 9 160 —

Other interest-bearing liabilities 68 431 73 723 78 807

Pension provisions 41 986 38 842 45 298

Other interest-bearing provisions 90 496 82 942 86 487

Derivative liabilities 9 197 10 779 11 760

Deferred tax liabilities 27 202 30 952 27 595

Other noninterest-bearing liabilities 5 612 5 528 5 756

Total non-current liabilities 258 116 251 926 255 703

Current liabilities

Trade payables and other liabilities 22 392 22 927 30 641

Advance payments received 1 261 2 630 2 397

Derivative liabilities 4 836 9 561 5 065

Accrued expenses and deferred income 15 989 15 578 1 18 182 1

Current tax liabilities 849 1 253 1 135

Hybrid Capital — — 9 385

Other interest-bearing liabilities 44 539 33 735 37 736

Interest-bearing provisions 7 054 6 776 6 782

Liabilities associated with assets held for sale 210 1 163 1 721

Total current liabilities 97 130 93 623 113 044

Total equity and liabilities 463 549 487 936 497 209

(22)

Consolidated balance sheet, cont.

Supplementary information

30 June 30 June 31 Dec.

Amounts in SEK million 2015 2014 2014

Calculation of capital employed

Intangible assets: current and non-current 19 536 33 454 24 471

Property, plant and equipment 237 746 270 371 271 306

Participations in associated companies and joint arrangements 7 770 8 056 7 765

Deferred and current tax assets 19 484 10 225 11 700

Non-current noninterest-bearing receivables 7 101 5 916 7 226

Inventories 16 149 19 002 18 502

Trade receivables and other receivables 27 395 29 182 31 217

Prepaid expenses and accrued income 7 740 6 700 6 398

Unavailable liquidity 6 155 5 739 7 272

Other 1 019 1 416 1 071

Total assets excl. financial assets 350 095 390 061 386 928

Deferred and current tax liabilities - 28 051 - 32 205 - 28 730

Other noninterest-bearing liabilities - 5 612 - 5 528 - 5 756

Trade payable and other liabilities - 22 392 - 22 927 - 30 641

Accrued expenses and deferred income - 15 989 - 15 578 - 18 182

Other — — - 91

Total noninterest-bearing liabilities - 72 044 - 76 238 - 83 400

Other interest-bearing provisions not related to adjusted net debt2

- 8 394 - 8 727 - 9 250

Capital employed 269 657 305 096 294 278

Capital employed, average 287 377 296 908 293 992

Calculation of net debt

Hybrid Capital - 15 192 - 9 160 - 9 385

Bond issues, commercial paper and liabilities to credit institutions - 70 902 - 67 722 - 72 461 Present value of liabilities pertaining to acquisitions of Group companies - 19 087 - 18 689 - 19 293

Liabilities to associated companies - 2 834 - 3 355 - 2 617

Liabilities to owners of non-controlling interests - 12 367 - 12 567 - 12 384

Other liabilities - 7 780 - 5 125 - 9 788

Total interest-bearing liabilities - 128 162 - 116 618 - 125 928

Cash and cash equivalents 20 006 10 263 12 283

Short-term investments 34 006 19 884 32 785

Loans to owners of non-controlling interests in foreign Group companies 1 311 599 1 387

Net debt - 72 839 - 85 872 - 79 473

Calculation of adjusted gross debt and net debt

Total interest-bearing liabilities - 128 162 - 116 618 - 125 928

50% of Hybrid Capital3

7 596 4 580 4 693

Present value of pension obligations - 41 986 - 38 842 - 45 298

Provisions for mining, gas and wind operations and other environment-related provisions - 18 046 - 13 255 - 14 497

Provisions for nuclear power (net)4 - 33 522 - 31 720 - 33 696

Currency derivatives for hedging of debt in foreign currency — 1 576 —

Margin calls received 5 566 2 234 7 013

Liabilities to owners of non-controlling interests due to consortium agreements 11 617 11 513 11 626

Adjusted gross debt - 196 937 - 180 532 - 196 087

Reported cash and cash equivalents and short-term investments 54 012 30 147 45 068

Unavailable liquidity - 6 155 - 5 739 - 7 272

Adjusted cash and cash equivalents and short-term investments 47 857 24 408 37 796

Adjusted net debt - 149 080 - 156 124 - 158 291

1) Certain amounts for 2014 have been recalculated compared with previously published information in Vattenfall's 2014 year-end report and Annual and sustainability report as a result of new accounting rules (IFRIC 21) that took effect in 2015. See Note 1.

2) Includes personnel-related provisions for non-pension purposes, provisions for tax and legal disputes and certain other provisions. 3) 50% of Hybrid Capital is treated as equity by the rating agencies, which thereby reduces adjusted net debt.

4) The calculation is based on Vattenfall’s share of ownership in the respective nuclear power plants, less Vattenfall’s share in the Swedish Nuclear Waste Fund and liabilities to associated companies. Vattenfall has the following ownership interests in the respective plants: Forsmark (66%), Ringhals (70.4%), Brokdorf (20%), Brunsbüttel (66.7%), Krümmel (50%) and Stade (33.3%). (According to a special agreement, Vattenfall is responsible for 100% of the provisions for Ringhals.)